I think you would be smart to study ALL the risks of owning bonds. Especially any risk you would be taking on as it relates to a change in interest rates. Then I'd look at what a Bond fund's avg eff duration is and what it means. Not to mention, the PIMCO fund has a 129% turnover, so you'd get beat up with taxes.
Personally, I use CD's (mine are ~2.5%, obviously that deal isn't currently on the table) and I-bonds for money I need to be "safe." I bonds have some liquidity issues in the 1 st year, but after that it doesn't open the door to a lot of the risks other bonds do. If you're serious about buying I-bonds, I would wait for another month. at that time I will be able to tell you what the inflation component will be doing (and most likely what the overall rate will be for April-October). Currently, I-bonds are paying 1.76%.
Perhaps some exploration around if you can take other risks with all or a portion of the money. If so, now may be the time to study practices of tax efficient investing and the birth of taxable accounts if you haven't already done so.